Forecasters expect local markets to take a break from early gains despite a modestly positive tailwind from across the Atlantic.

U.S. markets were comforted by a fairly benign set of consumer price inflation numbers, with the S&P500 visiting a new all-time peak, but earnings announcements after the bell from Microsoft and Apple were mixed. The former took an expected hit from its Nokia division, acquired in April, while Apple’s profits rose nicely.

The door to truly punitive and European Union sanctions against Russia for its actions in Ukraine remains open, just about, but Tuesday’s foreign ministers’ meeting left markets with the distinct feeling that the EU as a whole is very reluctant to charge through it, as many suspected beforehand.

The day’s European data focus will probably be on the UK, from whence will come the minutes of the Bank of England’s last policy conclave. The BoE is still thought likely to be the first major central bank to actually hike interest rates in the post-crisis period, and clues to the validity of this thesis are always at a premium.

Watch For: The Minutes of the Bank of England’s July Policy Meet, Euro zone consumer confidence.

What you may have missed from MoneyBeat:

Why Russian Buyers Won Twice on London’s Housing Boom: Good news for Russians that piled into London’s luxury real estate: the currency market was on your side. Bolstered by the strength of sterling and a weak ruble, Russians who bought luxury property in central London in the first quarter of 2013 saw their investment rise by 34% in the year, says a new report.

Ackman’s ‘Death Blow’ Fails to Knock Out Herbalife: So much for Bill Ackman’s supposed “death blow.” Shares of Herbalife Ltd. rallied about 10% Tuesday morning before giving some of those gains back in the midst of hedge-fund manager Mr. Ackman’s latest presentation on why he’s betting on shares of the nutritional-supplement maker to fall.

5 Things to Know About Saudi Arabia’s Stock Market: Saudi Arabia is planning to give foreigners greater access to its stock market as it spends hundreds of billions of dollars diversifying the economy to wean itself off dependence on oil revenues. Here are five things that international investors should know.

Credit Suisse Earnings: Five Key Takeaways: As expected, Credit Suisse’s second-quarter results reported on Tuesday were torpedoed by the massive U.S. legal settlement over aiding tax evasion that the bank agreed to in May. Once you strip away that ugly, 700 million Swiss francs ($780 million) net loss, the Swiss bank’s overall performance was a bit more of a mixed bag.

Overnight Action:

Regulators Find Litany of Problems at Deutsche Bank in U.S.: A regulatory exam found Deutsche Bank’s giant U.S. operations suffer from a litany of serious financial-reporting problems that the lender has known about for years but not fixed, according to documents reviewed by The Wall Street Journal.

Apple’s iPhone Roars and iPad Whimpers: Apple reported a 13% jump in iPhone sales as it heads into a major refresh of the company’s flagship product, but iPad sales slid for the second consecutive quarter.